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QUESTION:
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Please,read my problem below,thank you. | | I already have a reverse mortgage in my own apartment,however after using my reverse mortgage money to pay out some of my debts I was still left with some debts to pay. Now I contfront an additional problem. My siter passed away and let me her apartment wich is in the same condo building as my own apartment. Now I have her apartment plus her debts to pay. Her apartment has a Convencional mortgage with a loan balance outstanding of $140,000 .00 dollars. Since my only income is my social security,I can not pay the mortgage plus her debts, even if I rent the apartment. Moreover,I also can not sell the apartment becouse there are no buyers and the ones that are interested either they do not cualify with the banks or are not willing to pay what the apartment appraisal shows that is worth.If I could get a second reverse mortgage in that apartment, then with that reverse mortgage money I will pay out her outstanding debts and I will be able to get an additional income to contituing paying paying what is left of my own debts. At lease until the market picks up, whent I will be able to sell at a market price and payout the second reverse mortgage loan. Please help me and let me know if it is passible for a person to have two (2) reverse mortgage loans over two separete apartments since they are in one same condo building? I thank you for your advice in this matter. Julio |  | asked by Julio C. Padin, 4/14/2010 |
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Categories:
Debt and Mortgages, Asset Protection, Retired, Debt, Debt Consolidation, Reverse Mortgages, Reverse Mortgage, Retirement Assets, Issues, Credit Card Debt, Budgeting, Mortgages, Retirement Income, Financial Advisors, Accumulating Assets
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| ANSWERS: | | Answered by: Jason B, 04/15/10
Overall Rating:   | Unfortunately, the regulations concerning reverse mortgages do not permit someone to hold two reverse mortgages at the same time. You can only get a reverse mortgage on your primary residence, and you can only have one legal primary residence at a time.
Given that, you might want to look into doing something else with that second condo. The first thought that comes to mind is a mortgage refinance. Refinancing your debt would permit you to potentially lower the payments that you have to make on the home. You can find out more on the NewRetirement website at https://www.newretirement.com/Services/Mortgage_Refinancing.aspx. Login to rate this answer: |
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